Debt relief orders numbers revealed

The Insolvency Service has release the latest insolvency statistics, which includes the figures for those that have successfully applied for a Debt Relief Order (DRO) in the first three months of the scheme, which was introduced on the 6th April 2009.

The statistics show 1,978 debt relief orders were recorded.

“It has not been possible to accurately quantify the impact of the introduction of DROs on the number of bankruptcies. However, it is clear that DROs have been sought where previously bankruptcy would have been the only option” remarks Paul Davies, head of credit management at Moore Blatch.

The new scheme has provided huge relief to those individuals who would have otherwise faced many years trying to pay off debts without the prospect of any relief. We anticipate that there will be a continued increase in the number of approved DROs over the coming months as the scheme becomes familiar to the general public and the effects of both the credit crunch and unemployment are felt.

For more information on debt relief orders click here or contact Paul Davies on 023 8071 8090 or email paul.davies@mooreblatch.com